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Nigeria expects more investment from Vietnam

VNA - Nigeria wishes to promote investment and trade cooperation with Vietnam, the Charge d’affaires of the Nigerian Embassy in Hanoi, Sani Bako said, affirming that the Nigerian government always facilitates investment from Vietnamese businesses.

The Nigerian Embassy has facilitated the issue of visas for Vietnamese businesses to visit and seek investment and trade opportunities in Nigeria, Bako said at a Nigeria-Vietnam trade promotion forum in Hanoi on Apr. 9.

He also stressed that his country wants to enhance cooperation with Vietnam in agriculture.

As the 2nd biggest foreign trader in Africa, Nigeria’s imports cover a wide range of commodities, including those of Vietnam’s strengths such as rice. The Nigerian government has abolished all taxes and charges on rice import to alleviate the national food crisis, that would be a big opportunity for Vietnamese rice exporters, Bako said.

Nze Vitalis Eberechukwu Udunenwu, head of a delegation of 35 Nigerian businesses to the forum, suggested the establishment of a Vietnam-Nigeria business council to link the business circles of the two countries, especially to encourage the private sector to take part in trade fairs and investment forums.

Speaking at the forum, Deputy Minister of Industry and Trade Nguyen Thanh Bien said Nigeria is a potential market in Africa and a gateway for Vietnam to enter other western and central African countries.

The two countries’ bilateral trade has constantly developed over the recent past, but is still incommensurate with their potentials, Bien said. He said businesses of the two countries should further tap their strengths and potentials and seize opportunities to promote trade and cooperation.

According to the Ministry of Industry and Trade, the two countries’ two-way trade last year exceeded 105 million USD. Vietnam’s major exports to Nigeria include rubber, electric and electronic products, footwear, plastics, handicraft and fine art articles and construction materials. The country imports from Nigeria raw cashew nuts, fruits, cotton and minerals.

The forum, held within the framework of the on-going International Trade Exhibition 2009 in Hanoi, provided a chance for businesses from the two countries to find partners and exchange views on cooperation projects and strategies in the future./.

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